Encore Credit Union and Consumers Credit Union Agree to Merge

Gurnee, IL, April 11, 2017: The Membership of Encore Federal Credit Union (Encore) of Des Plaines, Illinois, recently voted to approve merging the 70-year old credit union with Consumers Credit Union (CCU), Waukegan, Illinois. The vote was held after the Boards of Directors for both credit unions agreed to the proposed merger earlier this year. The combined organization will have 10 Service Centers in Lake and northwestern Cook Counties, with assets of approximately $1.15 Billion and more than 91,000 total Members.

"On behalf of Encore Credit Union's Board of Directors, we are excited to offer our Members the combined strength and resources of two outstanding credit unions," noted Shawn Clisham, Chairman of Encore's Board. "Our Members will now have access to more checking, deposit and loan products than ever before, with an opportunity for even better loan and dividend rates."

Following Encore's nearly 99% favorable Member vote, the merger proposal was delivered to the Illinois Department of Financial and Professional Regulation (IDFPR) and the National Credit Union Administration (NCUA), the respective regulators for Encore and CCU. Both regulators have subsequently approved the merger. The legal date of the merger will take place on July 1, 2017. Though Members of Encore will be leveraging the combined CCU services at a date to be determined, both organizations agree this will take place on or before April 2018.

"Consumers Credit Union and our Board are extremely enthusiastic about our new partnership with Encore Federal Credit Union," said Sean M. Rathjen, CCU's CEO. "As Shawn Clisham stated, this merger is a win for Encore Members who'll receive a more robust offering of products and services, both online and at our Service Centers. It's a win for Encore employees as they join CCU's innovative and growing team. And it's also a win for CCU, as we expand our footprint into a new geographic area. In short, the merger offers fantastic new opportunities for everyone involved."

For more information concerning the merger between Consumers Credit Union and Encore Federal Credit Union, please contact Sean Rathjen by phone at (847) 782-4670. Additional information about the two credit unions can be found online at www.myconsumers.org (CCU) and www.encorefcu.org (Encore). The combined credit union will have offices in Des Plaines, Gurnee, Mundelein, North Waukegan, Northbrook, Palatine, Round Lake Beach, Schaumburg, Volo and Waukegan.